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Chicago-based exchange and clearinghouse Bitnomial has announced plans to launch an XRP futures product following the voluntary withdrawal of its lawsuit against the U.S. Securities and Exchange Commission (SEC).
This move comes after Ripple’s recent legal victory that effectively ended its long-running battle with the regulator.
Bitnomial’s legal team has signaled that it is withdrawing its lawsuit against the SEC by filing a “notice of voluntary termination” with the U.S. District Court for the Northern District of Illinois. The lawsuit, originally filed in October, challenged what Bitnomial described as the SEC’s “inappropriate” jurisdiction over its XRP futures product.
Bitnomial had previously argued that the SEC exceeded its authority by claiming that its XRP futures offering violated federal securities laws. However, with the SEC’s decision to drop its objection against Ripple, Bitnomial now sees a clearer regulatory path for its product.
Bitnomial, which operates under the regulation of the U.S. Commodity Futures Trading Commission (CFTC), has confirmed that it will proceed with the launch of its XRP futures product tomorrow.
“Given the SDNY’s determination that XRP is not a security in secondary offerings, XRP futures do not qualify as security futures and therefore fall solely under the jurisdiction of the CFTC,” Bitnomial Exchange President Michael Dunn said in an emailed statement. “In light of the SEC’s withdrawal of its appeal of this decision, Bitnomial Exchange plans to list physical XRP futures tomorrow morning.”
*This is not investment advice.